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Friday Round-Up: NY Life-AARP Reverse Mortgage Team? CFPB Audits Begin

In case you missed it… here’s what happened in reverse mortgage news this week.

More hints emerged for New York Life and reverse mortgages, now suggesting a partnership with AARP. New York Life has yet to make any official move into reverse mortgages, but more information has surfaced suggesting that the insurance powerhouse plans to work with AARP when it does.

One mortgage lender revealed details of its first-ever CFPB audit. First Meridian Mortgage Corporation went though its first-ever Consumer Financial Protection Bureau audit this month, just a matter of weeks after the government agency received its authority to examine non-bank mortgage lenders. A company exec shared details of the audit.

FHA officials said the mortgage settlement helped FHA avoid bailout. According to the Administration’s budget proposal made last week, FHA was on the verge of needing roughly $688 million from the Treasury. That is, until the historic mortgage settlement was signed just days earlier, providing FHA with a near-$1 billion windfall. Acting FHA Commissioner Carol Galante said this week more premium increases are on the way for forward loans.

CFPB officials spoke to NMLS conference attendees to share plans for mortgage oversight. A Nationwide Mortgage Licensing System & Registry (NMLS) conference held in early February in Scottsdale, Arizona shed some light on what the CFPB will actually look for in its non-bank mortgage examinations—and where it will begin those audits.

…and we featured Bay Docs’ very own Megen Lawler in our How I Got My Reverse Mortgage Start series. Check out the interview here.

Written by Elizabeth Ecker